Understanding Contracts: Terms and Concepts, Quizzes of Business and Labour Law

Download Understanding Contracts: Terms and Concepts and more Quizzes Business and Labour Law in PDF only on Docsity! TERM 1 promise DEFINITION 1 a contract is a legally enforceable ____________. TERM 2 Use of Contract DEFINITION 2 without contracts and the court systems to enforce contracts, buyers and sellers would not be able to Predict future risks or have confidence in exchanging valuable property interest TERM 3 Definite Terms of an Offer DEFINITION 3 an offer to purchase a house at a "reasonable price" cannot be the basis for a contract because of indefiniteness UCC grants undefinable terms under sale of goods TERM 4 Acceptance of Offer DEFINITION 4 necessary to create a valid enforceable contract up to the offeree Unilateral contracts are accepted by performing a requested act, not by making a promise TERM 5 Mirror Image Rule DEFINITION 5 for acceptance to crate a binding contract standard contract law requires that the acceptance must mirror the offer TERM 6 Counter offer DEFINITION 6 done by the offeree if acceptance doesnt exactly mirror the offer then it is this TERM 7 course of dealing DEFINITION 7 the way they have done business in the past TERM 8 Mailbox rule DEFINITION 8 the offer stands as soon as the offeree accepts it and puts it in the mail TERM 9 Consideration DEFINITION 9 the concept of legal value in connection with contracts. It is anything of value promised to another when making a contract. TERM 10 Prior Consideration DEFINITION 10 A vice president of a company retires and is promised a new car every year for his services already rendered upon second thought on the third year the board decides to not give him a car the VP will lose if he sues for breach of contract because of this the VP was given an unenforceable gift